< PreviousInsurance Leaders 38BEST’S REVIEW • JANUARY 2023 Alabama insurance commissioner at the end of June 2022. A 14-year veteran of the commissioner’s office, Ridling served in that post, which is appointed by the governor, longer than anyone else. The IBHS in May named Ridling as the recipient of its inaugural Lifetime Achievement in Resilience Award. During his tenure, Ridling created the Insurance Fraud Bureau within the department and helped recruit more than a dozen property/casualty companies to cover the state’s coastal areas, according to a statement from Gov. Kay Ivey. Ridling also was active with the National Association of Insurance Commissioners, serving as Southeast Zone chairman for 10 years. The NAIC re-accredited the insurance department under Ridling three times, the statement said. Bob Rusbuldt, The Independent Insurance Agents & Brokers of America The Independent Insurance Agents & Brokers of America, known as the Big “I”, said Bob Rusbuldt will retire as president and chief executive officer on Aug. 31, 2023. Rusbuldt is the longest tenured Big “I” top executive. Rusbuldt joined the association in 1986 and was named CEO in 2001 after leading the government affairs department at the Big “I” for many years. He has overseen many major Big “I” initiatives including the inception of Big “I” Markets, a market access program for agent members; the formation of BIRC, a reinsurance company; and InsurBanc, a bank catering to independent insurance agencies’ needs. Renee Schaaf, Principal Financial Group Principal Financial Group said in February 2022 that Renee Schaaf was retiring as president of retirement and income solutions after 41 years with the company. Schaaf departs Principal after serving in key leadership roles across the organization. Most recently, she led Principal through the transformation of its retirement business with the acquisition and integration of the Wells Fargo Institutional Retirement and Trust, according to a company statement. Scott Sleyster, Prudential Financial Prudential Financial said Scott Sleyster was retiring as head of international businesses and PGIM. Sleyster announced he will retire during the first quarter of 2023 after 35 years with the company. Prior to leading the international businesses, Sleyster held senior roles in Prudential’s treasury, retirement, and investment management units, and served as chief investment officer, the company said. Elisabeth Stadler, Vienna Insurance Group Elisabeth Stadler will retire as chief executive officer of Vienna Insurance Group AG at the end of June 2023. At her own request, Stadler will not extend her mandate, which expires on June 30 . Teresa L. White, Aflac U.S. Aflac Inc. announced the retirement of Teresa L. White, president, Aflac U.S., effective March 31, 2023. White has served as president since September 2014. White has more than 20 years of experience leading operations and driving revenue growth, created a vision for Aflac U.S. and has been a steady force in the execution of the company’s long-term strategy, according to a company statement. She is responsible for driving a strategy aimed to expand both distribution and product offerings, including standing up the broker distribution channel and launching the consumer markets platforms, as well as actively onboarding strategic acquisitions like Empowered Benefit, Aflac Northern Ireland, Argus and Zurich. During her tenure, Aflac has realized record annual new sales and record premium persistency, the company said. Richard R. Whitt, Markel Markel Corp. announced the retirement of Richard R. Whitt, co-chief executive officer. After 31 years with Markel and six years as co-CEO, Whitt plans to retire by March 31, 2023. Since joining the company in 1991, Whitt has held many senior leadership positions, including president and chief operating officer from 2010 to 2015. He also served as controller; vice president, treasurer and controller; executive vice president and chief administrative officer of Markel’s international operations; chief financial officer; and co-chief operating officer. Whitt led Markel in a variety of acquisitions including Alterra, Nephila and State National, broadening the company’s abilities to address clients’ most complex risk needs. After stepping down, Whitt will remain with the company in a consulting role to ensure a seamless transition, according to a company statement. BR22.BLINK016A Best’s Alert Service offers insurance agents and brokers a way to monitor changes to Best’s Credit Ratings and other important insurer information effortlessly. With custom notifications, you’ll always be aware of developments that impact the insurers whose policies you recommend or compete with. Our Insight, Your Advantage ™ Learn More: www.ambest.com (908) 439-2200 WHEN RATINGS CHANGE, YOU NEED TO ACT FAST40 BEST’S REVIEW • JANUARY 2023 Best’s Rankings: Florida Best’s Rankings: Florida Leads Nation in Homeowners Premium The Sunshine State’s storm-prone location and litigation troubles are compelling carriers to reevaluate their approach to the market, or retreat from it entirely. by Renée Kiriluk-Hill F lorida is the third-most-populated U.S. state but generated $12.4 billion of homeowners direct premium in 2021, the most of any of the states. That’s more than California, the most populous state, with $11.2 billion of homeowners direct premium, and second-most-populous Texas, with $11.9 billion, according to BestLink. Florida’s storm-prone location and challenging litigation environment keep it prominent among U.S. states for losses and cost of homeowners insurance. Total direct premiums for homeowners carriers in Florida continue to grow, rising 11.7% from 2020 to 2021. Florida’s rise was the fourth-largest one-year percentage increase in 2021, behind California and fast-growing Idaho and Montana. Direct premiums for homeowners carriers, total United States, reached $119.7 billion in 2021, an 8.4% rise from 2020. BestLink reports information on 142 insurance carriers that reported $2,000 or more in direct written premium for homeowners coverage in Florida in 2021. Insurers operating in Florida’s homeowners market range from national organizations, such as State Farm or USAA, to insurers whose primary focus is on Florida or several of its coastal neighbors, such as Universal Property & Casualty Insurance or Florida Peninsula Insurance Co. Best’s Financial Strength Ratings for 104 AM Best-rated carriers writing some level of homeowners coverage in Florida range from B+ (Good) to A++ (Superior). Making Changes Market dynamics over the past year have led Renée Kiriluk-Hill is an associate editor. She can be reached at renee.kiriluk-hill@ambest.com.41BEST’S REVIEW • JANUARY 2023 carriers to re-evaluate their approach to Florida property exposures. For example, Bankers Insurance Group announced in July 2022 it was filing to exit homeowners business in Florida. In its letter informing agents of the news, Bankers Insurance Group cited its concerns about maintaining its ability to meet Government-Sponsored Enterprise requirements. “We want to remind you we maintain a financial strength rating of at least B+ from AM Best, meeting the requirement for mortgage lenders Fannie Mae and Freddie Mac.” Shareholder-owned GSEs were chartered by the U.S. Congress to facilitate mortgage and agricultural lending, including the Federal National Mortgage Association, commonly known as Fannie Mae, and Federal Home Loan Mortgage Corp., or Freddie Mac. They incorporate references to AM Best designations in their insurance evaluation materials. The Federal Housing Finance Agency, working with the U.S. Department of Housing and Urban Development, regulates Fannie Mae, Freddie Mac and the 11 Federal Home Loan Banks. • Freddie Mac sets a requirement that AM Best- rated insurers and reinsurers must possess a Financial Strength Rating of B+ or better, and nonadmitted insurers must hold a minimum rating of A (Excellent). • HUD requires AM Best-rated insurers and reinsurers hold an FSR of A- (Excellent) or better and “Financial Performance Index Rating” of VI or better. • Fannie Mae requires AM Best-rated insurers and reinsurers hold an FSR of B (Fair) or better. • The U.S. government owns Government National Mortgage Association, or Ginnie Mae, which sets an AM Best rating at B+ or better. Ginnie Mae is the primary financing system for government- insured or -guaranteed mortgage loans. Bankers Insurance Group is not alone in retreating from Florida’s homeowners market. According to Mark Friedlander of the Insurance Information Institute, 13 companies stopped writing home insurance in Florida last year. Three have since become insolvent. Of the remaining 10, three have said that they are voluntarily exiting homeowners lines in Florida. The remaining seven have called the moratorium on new business temporary but haven’t said when they could resume writing. Many cite state legislative inaction to disincentivize trial attorneys from filing suit against property carriers, said Friedlander. Companies that have stopped or limited writing new business last year include: • United Property and Casualty – January (exiting homeowners in the state) • Florida Farm Bureau – February • TypTap – February • St. Johns – February (later declared insolvent) • Lighthouse – February (later declared insolvent) • Lexington (AIG) – March (exiting homeowners in the state) • Southern Fidelity – May (later declared insolvent) • People’s Trust – May • Heritage – June • Bankers (through First Community) – June (exiting homeowners in the state) • Centauri – June • Progressive – June • Universal – June Florida’s non-automobile property/casualty insurance market has seen multiple insolvencies in 2022, starting with St. Johns Insurance Co. in February; Avatar Property & Casualty Insurance Co. in March; Louisiana-based Lighthouse Property Insurance Corp. in April; Southern Fidelity Insurance Co. in June ; and Weston Property & Casualty Insurance Co. in August. FedNat Insurance Co. was put into receivership in September. These followed the insolvency of Gulfstream Property and Casualty (Continued on page 48) Key Points Exposures: Bankers Insurance Group cited its concerns about maintaining its ability to meet Government-Sponsored Enterprise requirements. “We want to remind you we maintain a financial strength rating of at least B+ from AM Best, meeting the requirement for mortgage lenders Fannie Mae and Freddie Mac.” Insolvencies: Florida’s non-automobile property/casualty insurance market has seen multiple insolvencies in 2022, starting with St. Johns Insurance Co. in February and Avatar Property & Casualty Insurance Co. in March. Reinsurance: Each year, insurers operating in the Sunshine State cede billions of premium dollars in reinsurance. Business retention rates, defined as the percentage of a company’s gross writings that are retained for its own account, range from low single digits to 100%.Best’s Rankings: Florida 42BEST’S REVIEW • JANUARY 2023 Florida Homeowners Writers, Selected Financial Indicators – 2023 Edition Based on 2021 data. Reflects companies that write at least $2,000 of Florida homeowners multiperil coverage. ($ Thousands) Best’s Rankings AMB#NAIC#Company NameAMB Group Name AMB Group Number Best's Financial Strength Rating - Current Best's Financial Strength Rating Outlook/Implication - Current Financial Size Category Single company rank (dpw) Market share (dpw) FL HO 020930016835Accredited Specialty Insurance CompanyRandall Group018738A-StableIX 1010.03 004854026417ACE Insurance Company of the MidwestChubb INA Group018498A++StableXV 480.45 003716033898Aegis Security Insurance CompanyLD Investments Group018948B++StableVII 1070.02 000103010014Affiliated FM Insurance CompanyFM Global Group018502A+StableXV 1300.00 002349019402AIG Property Casualty CompanyAmerican International Group018540AStableXV 231.18 003535026883AIG Specialty Insurance CompanyAmerican International Group018540AStableXV 1000.03 003563029068Amer Family Connect Prop and Cas Ins CoAmerican Family Insurance Group000124AStableXV 1040.02 000120010111American Bankers Insurance Co of FloridaAssurant P&C Group018523APositiveXIII 470.45 002034019380American Home Assurance CompanyAmerican International Group018540AStableXV 920.05 013765012841American Integrity Ins Co of Florida...000000NR......82.78 021040016883American Mobile Insurance Exchange...000000NR......980.04 013020012314American Modern Ins Co of Florida, Inc.Munich-American Holding Corp Companies018753A+StableXV 690.18 003285042722American Modern Property & Casualty InsMunich-American Holding Corp Companies018753A+StableXV 810.09 003533028401American National Property & Casualty CoAmerican National Prop & Cas Group002947AStableXIV 1080.01 013990013563American Platinum P & C Insurance CoUniversal Insurance Holdings Group018752NR......910.05 002049042978American Security Insurance CompanyAssurant P&C Group018523APositiveXIII 1350.00 001708041998American Southern Home Insurance CompanyMunich-American Holding Corp Companies018753A+StableXV 1150.01 012150010872American Strategic Insurance Corp.Progressive Insurance Group000780A+StableXV 330.71 013075012359American Traditions Insurance Company...000000NR......271.03 002162019976Amica Mutual Insurance CompanyAmica Mutual Group018522A+StableXV 540.38 003240041459Armed Forces Insurance Exchange...000000NR......950.04 010106012196ASI Assurance Corp.Progressive Insurance Group000780A+StableXV 750.14 013917013142ASI Preferred Insurance Corp.Progressive Insurance Group000780A+StableXV 53.49 012630010717Aspen Specialty Insurance CompanyAspen US Insurance Group018783AStableXV 1240.00 013083012813Auto Club Insurance Company of FloridaAuto Club Group000312AStableIX 251.17 013879013139Avatar Property & Casualty Insurance Co...000000NR......450.52 010826022390Aventus Insurance Company...000000B++StableVI 1390.00 003630032603Berkley Insurance CompanyW. R. Berkley Insurance Group018252A+StableXV 870.05 013830012961Canopius US Insurance, Inc....000000A-StableXII 960.04 012128010835Castle Key Indemnity CompanyAllstate Insurance Group000008B+StableVIII 161.81 010648030511Castle Key Insurance CompanyAllstate Insurance Group000008B+StableVIII 320.79 013118012573Centauri Specialty Insurance CompanyAU Holding Company Group018943NR......520.40 002713038989Chubb Custom Insurance CompanyChubb INA Group018498A++StableXV 990.03 011578012777Chubb Indemnity Insurance CompanyChubb INA Group018498A++StableXV 1340.00 000258010677Cincinnati Insurance CompanyThe Cincinnati Insurance Companies004294A+StableXV 760.12 011712010064Citizens Property Insurance Corporation...000000NR......210.16 022327028860Clear Blue Insurance CompanyClear Blue Insurance Group018868A-StableVIII 600.30 022328037745Clear Blue Specialty Insurance CompanyClear Blue Insurance Group018868A-StableVIII 780.11 001987018961Crestbrook Insurance CompanyNationwide Group005987A+StableXV 1180.00 012247010953Cypress Property & Casualty Insurance CoInSure Homes Group018619NR......310.82 022601015894Dover Bay Specialty Insurance CompanyState Farm Group000088ANegativeVI 1130.01 013077012482Edison Insurance CompanyFlorida Peninsula Group018790NR......191.60 002146021261Electric Insurance Company...000000AStableIX 970.04 003759035378Evanston Insurance CompanyMarkel Corporation Group018468AStableXV 830.08 003761035181Executive Risk Indemnity Inc.Chubb INA Group018498A++StableXV 1380.00 003288040169Farmers Casualty Insurance CompanyFarmers Insurance Group000032AStableXV 790.10 002084020281Federal Insurance CompanyChubb INA Group018498A++StableXV 142.19 000711010790FedNat Insurance Company...000000NR......92.71 002570037710First American Property & Cas Ins CoFirst American PC Companies018511.........1230.00 011572013990First Community Insurance CompanyBankers Financial Group018902B+NegativeVI 550.37 43BEST’S REVIEW • JANUARY 2023 Direct premiums written FL HO % FL of Total Direct Business Direct combined ratio (%) FL HO Adjusted loss ratio (%) Direct business - total Net leverage Gross leverage Operating ratio Npw to phs Return on phs (roe) Reins recoverable to phs Combined ratio Current liquidity - annual Business retention Surplus as regards policyholders 3,140 3.983.14 46.98 79,961 0.6 2.6 738.6 0.0 (14.7)92.5 718.4 82.3 0.9 72,433 55,801 56.563.13 48.48 98,724 0.3 0.3 0.0 0.0 2.2 0.0 0.0 292.7 0.0 41,927 1,944 1.186.06 41.98 177,356 4.3 8.0 97.5 2.0 (8.8)192.3 100.0 83.6 52.9 66,110 124 0.065.82 42.57 1,151,478 0.8 1.0 68.2 0.2 16.7 14.5 77.5 227.3 57.8 2,822,554 146,489 9.432.31 11.44 1,550,771 0.4 0.4 0.0 0.0 (2.7)0.0 0.0 310.2 0.0 57,310 3,623 0.222.02 8.20 1,453,256 0.6 0.6 0.0 0.0 3.8 0.0 0.0 232.1 0.0 56,519 2,170 0.230.10 4.11 1,153,311 0.4 0.6 0.0 0.0 1.1 12.9 0.0 210.6 0.0 558,674 55,987 1.033.11 11.80 5,569,779 5.1 16.2 75.6 2.0 47.6 289.4 81.8 88.6 19.8 589,100 5,800 1.429.15 8.25 410,349 2.4 3.8 83.0 0.5 14.7 107.1 102.7 111.6 64.9 7,661,528 344,820 76.285.67 58.92 452,700 5.8 11.9 94.5 2.5 2.6 292.3 95.5 91.7 43.6 79,474 4,417 88.676.17 13.85 4,987 0.3 0.3 123.6 0.1 0.0 0.0 129.9 849.3 76.2 27,110 22,250 98.392.13 37.86 22,642 3.2 3.2 100.2 1.1 (4.2)0.0 102.4 107.7 83.3 17,091 11,646 1.153.65 24.28 1,036,852 3.0 3.0 101.2 0.4 0.7 0.0 102.1 36.4 5.0 126,971 1,676 0.287.55 17.41 961,279 2.1 2.2 90.2 0.9 9.0 4.9 95.5 134.6 80.0 821,197 6,275 72.577.20 48.63 8,652 0.3 0.8 39.3 0.0 25.6 18.3 42.9 322.1 (27.4)16,104 22 0.0216.19 189.83 1,249,943 3.8 4.9 93.7 1.9 18.0 19.1 102.4 84.5 66.4 482,011 839 1.474.87 32.86 61,015 2.6 2.6 100.6 0.9 (5.9)0.0 102.3 70.3 61.7 40,062 88,666 6.866.02 35.70 1,307,148 6.0 6.5 111.3 2.9 (22.3)22.2 113.7 117.0 91.0 543,916 128,033 87.274.58 52.03 146,808 5.9 9.1 93.3 2.5 9.6 97.1 94.5 111.5 52.7 31,017 47,330 2.1100.44 62.36 2,225,999 1.5 1.5 104.1 0.7 6.5 0.2 109.3 166.4 98.3 3,258,511 4,844 6.9112.77 72.58 70,563 2.6 3.3 114.2 1.2 (7.5)26.0 118.2 146.2 75.6 44,266 17,118 84.651.89 29.22 20,234 0.5 1.2 107.6 0.2 (0.9)47.3 113.7 399.7 48.8 49,643 432,399 79.683.09 61.57 542,957 1.6 3.5 104.9 0.3 (0.6)62.6 114.1 148.3 7.0 120,223 236 0.0156.92 125.41 746,554 5.0 10.2 97.6 1.6 0.8 372.7 101.0 99.3 54.9 274,607 144,651 50.895.54 73.49 284,829 3.3 3.5 102.5 1.5 1.7 8.0 107.3 124.5 90.5 201,041 63,935 82.9189.18 140.95 77,110 (4.3)(8.0)378.5 999.9 (99.9)0.0 379.3 47.3 35.0 (27,959) 4 0.024.00 0.00 24,568 0.6 2.7 51.3 0.2 4.0 108.0 61.9 258.8 18.0 27,015 6,720 0.562.27 25.96 1,320,681 3.7 4.3 81.1 1.2 17.3 45.4 88.4 83.3 85.3 6,817,535 4,678 2.679.29 36.47 178,737 3.1 3.8 93.2 1.6 (0.5)39.0 94.8 123.5 84.5 110,564 224,350 99.775.83 59.79 225,076 0.8 7.0 0.0 0.0 1.3 154.8 0.0 134.5 0.0 15,512 97,806 97.872.81 55.76 99,972 1.8 2.0 104.6 0.8 (6.3)9.0 110.3 155.2 89.1 264,733 49,439 31.080.57 52.72 159,668 2.9 9.5 (99.9)0.0 (10.9)422.2 (99.9)33.9 0.6 29,032 3,848 1.732.48 17.99 227,111 0.2 0.2 0.0 0.0 1.9 0.0 0.0 401.4 0.0 245,990 37 0.0134.50 27.13 348,473 0.5 0.5 0.0 0.0 0.6 0.0 0.0 132.0 0.0 183,242 14,479 0.348.49 17.17 4,516,729 2.3 2.3 78.9 0.8 30.4 4.7 87.6 130.7 96.4 7,246,753 1,260,866 69.579.55 44.38 1,814,135 0.6 0.7 93.1 0.2 1.2 3.2 108.8 324.2 74.9 6,526,508 37,592 7.1134.34 101.30 526,721 0.4 12.1 399.3 0.0 1.1 680.8 121.4 381.2 (0.1)106,085 13,179 2.945.91 20.48 449,176 0.2 6.8 999.9 0.0 2.7 385.2 996.0 366.5 0.0 154,139 505 0.1106.70 91.72 525,240 2.4 2.4 0.0 0.0 1.9 0.8 0.0 42.5 0.0 68,060 101,618 69.446.39 44.18 146,485 2.4 6.1 (99.9)0.0 (48.1)262.1 (99.9)154.6 (3.8)42,341 999 3.627.16 2.08 27,677 1.1 3.8 186.1 0.4 (21.9)246.7 191.2 200.0 56.1 37,071 198,336 99.5115.07 78.99 199,268 6.0 14.3 96.6 2.1 5.3 488.1 97.4 87.0 38.5 35,768 4,605 2.080.24 45.46 229,571 2.4 2.4 79.2 0.6 6.6 0.2 91.7 97.2 97.8 373,778 10,020 0.576.72 30.59 2,056,584 4.3 5.6 81.4 1.3 33.9 79.2 87.0 115.8 72.0 1,291,530 16 0.0248.92 34.01 171,799 4.3 4.3 86.6 1.3 11.8 0.0 94.4 100.2 100.0 1,681,750 12,852 2.757.73 44.53 469,646 2.2 2.2 0.0 0.0 (3.0)0.0 0.0 49.8 0.0 71,493 271,619 4.174.47 49.80 6,649,217 4.1 4.1 83.3 1.2 12.9 0.0 94.4 78.1 80.9 4,635,976 336,210 50.2108.80 77.77 669,348 4.8 15.1 180.0 1.3 (91.0)646.6 183.2 78.5 25.8 130,217 266 1.077.42 2.44 26,754 2.0 2.1 147.2 0.8 (4.4)0.6 149.8 161.0 88.6 30,433 46,016 33.6100.80 71.85 137,132 4.4 9.5 131.7 1.6 (31.8)201.9 135.6 105.4 33.9 28,784 Best’s Rankings: Florida 44BEST’S REVIEW • JANUARY 2023 Florida Homeowners Writers, Selected Financial Indicators – 2023 Edition (Continued) Based on 2021 data. Reflects companies that write at least $2,000 of Florida homeowners multiperil coverage. ($ Thousands) Best’s Rankings AMB#NAIC#Company NameAMB Group Name AMB Group Number Best's Financial Strength Rating - Current Best's Financial Strength Rating Outlook/Implication - Current Financial Size Category Single company rank (dpw) Market share (dpw) FL HO 011872010647First Floridian Auto and Home Ins CoTravelers Group018674A-StableVIII 700.17 010764033588First Liberty Insurance CorporationLiberty Mutual Insurance Companies000060AStableXV 680.18 002446024724First National Insurance Co of AmericaLiberty Mutual Insurance Companies000060AStableXV 1320.00 012201010897First Protective Insurance Company...000000NR......43.89 013984013648Florida Family Home Insurance CompanyFlorida Family Group018761B++NegativeVII 510.43 011975010688Florida Family Insurance CompanyFlorida Family Group018761B++NegativeVII 350.70 003590031216Florida Farm Bureau Casualty Ins CoSouthern Farm Bureau Casualty Group004237B++StableVIII 380.61 011337021817Florida Farm Bureau General Insurance CoSouthern Farm Bureau Casualty Group004237B++StableVIII 410.54 013087010132Florida Peninsula Insurance CompanyFlorida Peninsula Group018790NR......152.16 002189011185Foremost Insurance Co Grand Rapids, MIFarmers Insurance Group000032AStableXV 370.62 001897011800Foremost Property and Casualty Ins CoFarmers Insurance Group000032AStableXV 800.10 012120021253Garrison Property and Casualty Ins CoUSAA Group004080NR......660.19 011678010182GeoVera Specialty Insurance CompanyGeoVera U.S. Insurance Group025045ANegativeVIII 570.35 002085020303Great Northern Insurance CompanyChubb INA Group018498A++StableXV 940.04 002229029424Hartford Casualty Insurance CompanyHartford Insurance Group000048A+StableXV 1260.00 002231019682Hartford Fire Insurance CompanyHartford Insurance Group000048A+StableXV 1400.00 002612037478Hartford Insurance Co of the MidwestHartford Insurance Group000048A+StableXV 670.19 002232030104Hartford Underwriters Insurance CompanyHartford Insurance Group000048A+StableXV 1280.00 014558014407Heritage Property & Casualty Ins CompanyHeritage Insurance Holdings Group018891NR......63.26 013895012944Homeowners Choice Prop & Cas Ins CoHCI Insurance Group018848NR......122.43 022141017221Homesite Insurance CompanyAmerican Family Insurance Group000124AStableXV 610.26 022142011156Homesite Insurance Company of FloridaAmerican Family Insurance Group000124AStableXV 1290.00 020566039640Independent Specialty Insurance CompanyMarkel Corporation Group018468AStableX 850.07 011340036940Indian Harbor Insurance CompanyXL America Companies018557A+StableXV 720.15 020690016603Kin Interinsurance NetworkKin Insurance Group018977NR......340.71 014027038920Kinsale Insurance Company...000000AStableX 770.12 020593016255KW Specialty Insurance Company...000000A-NegativeVII 1100.01 023019016023Lemonade Insurance CompanyLemonade Insurance Group018982NR......1060.02 002350019437Lexington Insurance CompanyAmerican International Group018540AStableXV 300.84 002282023035Liberty Mutual Fire Insurance CompanyLiberty Mutual Insurance Companies000060AStableXV 560.36 014994014568Maison Insurance Company...000000NR......1360.00 002699038970Markel Insurance CompanyMarkel Corporation Group018468AStableXV 1210.00 003596031968Merastar Insurance CompanyKemper PC Companies018908A-StableXII 1420.00 022318015715Monarch National Insurance Company...000000NR......640.21 001750043001Narragansett Bay Insurance CompanyHeritage Insurance Holdings Group018891NR......1140.01 002428020079National Fire & Marine Insurance CoBerkshire Hathaway Insurance Group000811A++StableXV 390.60 012273022608National Specialty Insurance CompanyMarkel Corporation Group018468AStableX 530.39 002358023787Nationwide Mutual Insurance CompanyNationwide Group005987A+StableXV 490.45 002594037877Nationwide Property & Casualty Ins CoNationwide Group005987A+StableXV 710.17 002363023841New Hampshire Insurance CompanyAmerican International Group018540AStableXV 1050.02 002822040231Old Dominion Insurance CompanyAmerican Family Insurance Group000124AStableXV 1160.01 013848012954Olympus Insurance Company...000000NR......171.65 002385020346Pacific Indemnity CompanyChubb INA Group018498A++StableXV 1090.01 013934013125People's Trust Insurance Company...000000NR......201.56 002643037257Praetorian Insurance CompanyQBE North America Insurance Group005658AStableXV 900.05 013308012588Prime Insurance CompanyPrime Insurance Group018823AStableVIII 1190.00 013816012873Privilege Underwriters Reciprocal ExchTokio Marine US PC Group018733A+StableX 221.23 004456024252Progressive American Insurance CompanyProgressive Insurance Group000780A+StableXV 1020.02 012562011515QBE Specialty Insurance CompanyQBE North America Insurance Group005658AStableXV 420.54 011946043044Response Insurance CompanyKemper PC Companies018908A-StableXII 1370.00 45BEST’S REVIEW • JANUARY 2023 Direct premiums written FL HO % FL of Total Direct Business Direct combined ratio (%) FL HO Adjusted loss ratio (%) Direct business - total Net leverage Gross leverage Operating ratio Npw to phs Return on phs (roe) Reins recoverable to phs Combined ratio Current liquidity - annual Business retention Surplus as regards policyholders 20,531 49.1117.97 77.35 41,817 0.5 0.6 103.9 0.2 (0.2)1.8 119.5 397.6 89.4 163,921 22,591 5.069.49 58.00 448,395 0.1 0.1 0.0 0.0 (0.5)0.0 0.0 999.9 0.0 20,272 96 0.018.94 1.45 540,892 0.0 0.0 0.0 0.0 1.8 0.0 0.0 999.9 0.0 61,866 482,184 68.788.45 53.62 702,262 4.5 12.2 96.3 2.1 12.4 355.1 97.9 101.6 33.4 113,909 53,231 99.167.46 48.85 53,723 2.5 3.2 99.2 1.1 (6.3)24.8 102.0 148.7 36.9 17,417 86,216 81.293.23 64.56 106,187 2.6 4.5 99.5 1.1 (8.2)52.2 102.0 134.5 45.1 51,994 75,239 66.084.44 63.04 114,075 3.6 4.0 127.7 1.6 (33.4)4.7 130.9 128.7 82.7 185,515 67,190 27.271.43 62.07 247,311 0.0 0.3 0.0 0.0 1.8 0.1 0.0 999.9 0.0 15,268 267,609 99.896.18 60.79 268,151 3.4 8.3 101.9 1.0 3.1 260.1 105.9 91.7 31.4 82,248 76,740 2.862.38 25.74 2,726,246 0.9 0.9 0.0 0.0 3.1 0.0 0.0 122.5 0.0 1,411,183 11,877 9.453.53 20.00 125,813 1.7 1.7 0.0 0.0 1.3 0.0 0.0 64.1 0.0 19,738 24,154 0.863.81 45.53 3,127,037 3.3 3.4 97.7 1.8 9.1 3.8 100.7 114.3 89.6 1,571,413 43,099 18.2148.55 72.66 236,658 9.1 27.4 92.4 1.0 10.4 999.9 92.9 149.6 8.9 20,220 4,903 0.4103.19 88.89 1,310,595 0.6 0.6 0.0 0.0 2.3 0.0 0.0 169.1 0.0 414,638 186 0.064.08 25.38 1,065,414 2.4 2.4 77.5 0.7 13.0 0.0 92.1 130.5 56.4 924,476 4 0.0974.97 67.76 2,191,091 1.6 1.9 60.3 0.4 13.6 20.8 95.6 69.9 80.7 11,743,353 23,718 2.949.29 43.99 828,251 0.4 0.4 58.3 0.1 4.9 0.0 92.1 422.3 6.6 506,000 182 0.068.89 35.69 1,483,884 2.6 2.6 79.2 0.7 13.5 0.0 92.1 133.9 29.5 608,680 403,863 61.989.60 65.67 652,324 8.0 13.5 111.9 2.7 (23.2)278.4 113.0 109.1 50.4 120,036 301,506 85.566.54 36.58 352,450 5.2 7.9 97.2 2.2 0.8 132.9 99.0 104.2 62.6 120,481 32,425 3.259.86 34.25 1,006,976 2.8 3.1 0.0 0.0 1.4 11.0 0.0 28.8 0.0 79,465 137 0.180.66 20.61 150,851 1.1 1.1 0.0 0.0 0.5 0.3 0.0 85.2 0.0 20,940 8,346 4.268.59 32.88 200,646 0.7 10.5 72.3 0.3 5.3 662.1 79.0 332.4 8.5 62,895 18,228 1.052.60 26.23 1,915,384 5.4 5.4 82.1 1.0 17.4 0.0 89.3 121.3 4.9 92,695 87,737 88.589.27 60.29 99,165 3.7 7.7 192.6 1.5 (92.7)167.2 194.1 112.9 39.3 25,853 14,307 1.945.11 18.04 764,373 2.9 3.4 70.7 1.1 24.6 25.9 76.1 146.0 86.4 606,910 1,538 13.199.56 37.43 11,720 0.3 0.3 (99.9)0.0 (5.3)0.0 (99.9)707.3 (19.3)104,322 2,094 0.695.45 71.19 372,861 3.2 7.5 113.4 1.0 (22.2)149.9 113.8 132.5 27.3 99,364 104,581 4.488.55 60.97 2,352,025 3.7 5.9 85.3 0.8 17.8 166.4 100.9 107.1 65.5 4,654,919 45,047 1.487.55 49.64 3,234,698 4.2 4.2 93.8 1.2 17.1 0.0 103.0 95.9 83.3 2,161,115 21 #DIV/0!17.84 0.00 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0 319 0.059.87 8.54 645,637 1.0 1.2 87.6 0.3 25.2 11.7 92.2 109.2 93.0 1,932,397 2 0.0103.13 77.17 4,821 3.9 3.9 0.0 0.0 (14.4)3.6 0.0 119.3 0.0 17,985 26,064 100.0123.92 90.41 26,064 2.1 3.1 93.3 1.0 9.8 70.4 96.9 143.0 78.3 20,256 897 0.233.87 9.90 460,608 3.9 9.7 106.9 1.5 (12.8)271.4 107.3 104.6 33.6 101,634 74,471 2.280.98 38.65 3,427,586 1.1 1.1 89.9 0.3 28.4 0.2 95.4 206.4 90.7 11,517,922 48,350 16.2301.01 234.22 298,912 1.2 13.8 74.2 0.4 6.2 859.8 79.0 201.0 9.1 69,292 55,233 1.976.66 50.05 2,885,396 2.5 2.8 101.2 0.9 9.1 17.0 105.0 51.0 90.6 15,433,589 20,471 1.380.25 64.24 1,587,854 13.1 13.2 0.0 0.0 8.9 6.8 0.0 6.2 0.0 32,487 2,100 0.3113.48 75.25 646,609 0.5 0.5 0.0 0.0 (2.3)0.0 0.0 269.7 0.0 64,563 812 0.6190.87 159.97 129,584 0.0 0.0 0.0 0.0 1.6 0.0 0.0 999.9 0.0 20,603 204,259 88.877.53 56.84 230,145 0.8 15.0 89.7 0.0 1.4 662.1 88.7 81.2 (26.5)38,428 1,650 0.347.70 17.79 628,198 3.9 3.9 84.6 1.2 13.6 0.0 94.4 110.2 100.0 3,702,668 193,530 70.187.80 62.13 275,997 3.4 9.4 94.7 1.3 13.3 349.3 100.3 104.1 34.2 72,663 6,288 1.747.27 25.83 380,945 3.8 8.5 99.0 1.3 5.5 378.2 101.7 78.8 37.1 109,307 389 0.226.98 0.72 244,923 2.4 2.9 71.2 1.0 33.1 30.2 74.8 108.3 76.0 185,862 152,175 9.865.51 30.22 1,556,737 3.5 7.6 120.8 1.6 (33.4)208.4 120.7 88.6 46.6 463,631 2,600 0.138.69 21.21 2,734,726 2.6 2.8 91.7 1.1 7.4 9.1 93.3 93.0 15.9 390,993 66,750 5.269.62 36.96 1,284,636 3.8 17.6 99.8 1.3 (1.0)866.4 101.7 84.5 14.7 143,579 16 0.622.23 19.39 2,643 0.1 0.1 0.0 0.0 4.8 0.0 0.0 235.7 0.0 27,904 Best’s Rankings: Florida 46BEST’S REVIEW • JANUARY 2023 Florida Homeowners Writers, Selected Financial Indicators – 2023 Edition (Continued) Based on 2021 data. Reflects companies that write at least $2,000 of Florida homeowners multiperil coverage. ($ Thousands) Best’s Rankings AMB#NAIC#Company NameAMB Group Name AMB Group Number Best's Financial Strength Rating - Current Best's Financial Strength Rating Outlook/Implication - Current Financial Size Category Single company rank (dpw) Market share (dpw) FL HO 013123012563Safe Harbor Insurance CompanyOcean Harbor Insurance Companies018764NR......440.53 022029015341Safepoint Insurance Company...000000NR......400.59 003785036560SafePort Insurance CompanyIAT Insurance Group018567A-NegativeVII 840.08 022607013815Safety Specialty Insurance CompanyTokio Marine US PC Group018733A++StableXV 430.53 003292041297Scottsdale Insurance CompanyNationwide Group005987A+StableXV 580.33 011468010117Security First Insurance Company...000000NR......112.47 013017010136Southern Fidelity Insurance Company...000000NR......280.99 012991012247Southern Oak Insurance Company...000000NR......261.06 011676010190Southern-Owners Insurance CompanyAuto-Owners Insurance Group004354A++StableXV 890.05 022321024376Spinnaker Insurance CompanySpinnaker Insurance Group018968A-StableVIII 630.21 011432044776StarStone Specialty Insurance CompanyCore Specialty Insurance Group018975A-PositiveXII 880.05 012235010739State Farm Florida Insurance CompanyState Farm Group000088A-StableXI 36.66 010681012831State National Insurance Company, Inc.Markel Corporation Group018468AStableX 740.14 003557026387Steadfast Insurance CompanyZurich Insurance US PC Group018549A+StableXV 1120.01 012478025180Stillwater Insurance CompanyStillwater Insurance Group018606A-StableVIII 820.09 004496016578Stillwater Property and Casualty Ins CoStillwater Insurance Group018606A-StableVIII 860.07 014175014012Stonegate Insurance CompanyProducers National Group018798NR......1170.01 020810016848Sutton Specialty Insurance CompanySutton National Group018947A-StableVIII 1030.02 000884022683Teachers Insurance CompanyHorace Mann Insurance Group004934AStableIX 1310.00 010600029050Tower Hill Preferred Insurance CompanyTower Hill Group018636NR......181.63 012359011027Tower Hill Prime Insurance CompanyTower Hill Group018636NR......290.90 013312012538Tower Hill Signature Insurance CompanyTower Hill Group018636NR......102.66 020786022225Trisura Insurance CompanyTrisura US Insurance Group018944A-StableIX 1330.00 002174021709Truck Insurance ExchangeFarmers Insurance Group000032AStableXV 360.67 020873016881Trusted Resource Underwriters Exchange...000000A-StableVI 1110.01 002235029459Twin City Fire Insurance CompanyHartford Insurance Group000048A+StableXV 1410.00 022603015885TypTap Insurance CompanyHCI Insurance Group018848NR......211.46 011998010655Unique Insurance CompanyProducers National Group018798NR......1220.00 012311010969United Property & Casualty Ins CoUnited Insurance Group018881NR......73.23 000934025941United Services Automobile AssociationUSAA Group004080A++StableXV 132.25 011600010759Universal North America Insurance CoUniversal Insurance Group of Puerto Rico018672B++NegativeVII 500.43 012123010861Universal Property & Casualty Ins CoUniversal Insurance Holdings Group018752NR......110.43 022613015900US Coastal Property and Casualty Ins CoUS Coastal Insurance Group018896NR......620.22 004049025968USAA Casualty Insurance CompanyUSAA Group004080A++StableXV 241.17 004865018600USAA General Indemnity CompanyUSAA Group004080A++StableXV 460.49 020586016237Vault E&S Insurance CompanyVault Insurance Group018961A-NegativeVIII 650.20 020564016186Vault Reciprocal ExchangeVault Insurance Group018961A-NegativeVIII 590.32 002086020397Vigilant Insurance CompanyChubb INA Group018498A++StableXV 1200.00 002861040428Voyager Indemnity Insurance CompanyAssurant P&C Group018523APositiveXIII 930.05 003132013196Western World Insurance CompanyAmerican International Group018540AStableXV 1250.00 004127011932White Pine Insurance CompanyConifer Insurance Group018792B+StableVII 1270.00 000975013234Wilshire Insurance CompanyIAT Insurance Group018567A-StableX 730.14 Reflects companies that write at least $2,000 of Florida homeowners multiperil coverage. Source: – Statement File - P/C, and State/Line (P/C Lines); data as of Oct. 27, 2022.47BEST’S REVIEW • JANUARY 2023 Direct premiums written FL HO % FL of Total Direct Business Direct combined ratio (%) FL HO Adjusted loss ratio (%) Direct business - total Net leverage Gross leverage Operating ratio Npw to phs Return on phs (roe) Reins recoverable to phs Combined ratio Current liquidity - annual Business retention Surplus as regards policyholders 65,511 74.768.92 47.72 87,757 5.5 8.2 104.9 2.5 (8.8)124.1 106.5 122.7 64.0 22,614 72,702 44.681.93 49.40 163,043 2.0 13.0 (99.9)0.0 2.4 585.7 (99.9)88.3 (9.8)40,800 9,994 8.4197.76 180.84 118,284 2.8 3.9 131.5 0.9 (10.4)63.4 138.9 96.5 48.6 61,614 65,584 33.141.69 21.88 197,984 1.3 3.6 (99.9)0.1 12.1 88.1 (99.9)277.7 3.4 120,539 41,412 1.684.97 52.14 2,544,315 7.8 12.8 0.0 0.0 7.8 472.0 0.0 5.2 0.0 163,456 305,827 78.081.54 44.43 392,037 2.8 11.0 143.1 0.8 (18.1)452.6 152.0 72.3 13.6 63,472 122,458 39.495.16 82.72 311,016 9.1 21.8 242.6 2.5 (99.9)778.9 241.2 61.6 33.4 42,109 131,964 87.072.84 42.19 151,637 4.7 6.7 106.9 2.5 (15.6)64.2 106.5 130.2 64.9 40,107 6,320 1.185.43 49.33 554,970 4.0 4.0 112.1 1.4 (10.1)0.2 119.2 124.2 90.0 368,777 26,227 5.5101.73 71.78 473,954 1.4 8.9 107.0 0.1 (0.5)401.5 113.4 71.4 3.5 131,777 6,407 1.013.61 9.47 623,486 1.2 2.1 95.2 0.5 (1.2)53.0 96.4 132.1 61.7 733,844 825,872 87.069.39 37.51 949,226 2.2 2.5 80.5 0.9 10.7 10.9 80.2 158.5 83.2 916,559 17,386 1.7214.63 176.78 1,029,712 0.6 5.6 74.9 0.1 6.7 332.8 79.0 78.2 5.1 548,858 1,192 0.132.57 5.54 1,196,133 0.3 2.9 0.0 0.0 1.7 205.2 0.0 226.4 0.0 507,120 11,609 4.472.03 38.92 262,854 2.4 2.5 94.7 1.3 16.6 3.5 101.1 117.4 94.6 280,668 8,148 4.473.53 39.81 183,334 0.7 1.2 61.7 0.2 23.0 19.1 87.5 206.4 9.9 115,597 617 2.032.43 15.01 30,787 3.3 3.9 104.8 1.3 (15.1)43.6 105.8 113.3 87.4 20,164 2,570 9.963.02 28.39 26,037 0.2 0.6 118.6 0.0 (3.6)19.9 155.0 360.1 17.0 100,252 99 0.1196.39 161.87 179,661 3.1 3.6 90.8 1.4 19.3 54.2 99.8 95.1 99.8 136,876 201,629 89.081.20 45.74 226,654 5.6 18.2 123.4 1.8 (26.6)578.6 125.5 94.3 20.6 26,519 111,293 48.1139.18 90.73 231,388 2.4 8.1 171.3 0.6 (32.5)341.9 174.6 95.0 20.0 81,088 329,429 83.280.26 44.67 395,770 6.4 23.1 168.7 1.5 (66.0)831.0 171.9 87.6 15.0 40,163 39 0.1222.74 176.60 47,727 0.2 0.7 (26.1)0.0 (2.6)25.1 (0.1)175.9 5.9 158,924 82,516 6.1113.15 65.01 1,348,671 4.2 4.5 102.5 1.7 2.9 23.3 102.8 51.5 93.6 758,062 1,382 100.0117.52 18.45 1,382 0.0 0.1 (99.9)0.0 (10.6)3.3 (83.4)999.9 (99.9)43,268 4 0.0347.44 6.44 1,763,540 2.1 2.1 80.2 0.6 11.9 0.0 92.1 156.8 9.3 282,716 180,511 91.671.33 42.97 197,165 3.9 5.1 113.6 1.8 (44.3)36.6 114.0 122.4 67.1 93,357 313 0.361.78 47.70 106,586 7.8 9.3 116.0 2.9 (35.1)40.5 117.3 100.4 72.9 33,168 401,030 44.6126.63 80.89 898,357 5.6 15.2 131.6 1.6 (25.1)663.2 133.8 49.4 30.8 169,245 279,423 3.087.89 58.68 9,231,482 0.6 0.6 100.5 0.3 1.4 1.7 114.0 100.7 94.8 33,352,437 53,609 21.0135.71 88.74 254,754 3.1 8.9 140.5 1.0 (32.3)316.2 145.4 89.5 26.5 68,926 1,294,053 77.892.39 67.35 1,662,599 6.1 8.7 111.6 2.9 (29.6)109.7 112.8 103.7 65.1 378,750 27,568 98.155.33 31.36 28,106 1.8 2.5 99.4 0.9 3.4 27.0 99.2 142.8 67.7 26,194 145,132 1.863.48 43.67 7,851,050 2.2 2.3 99.4 1.1 7.7 7.8 102.9 124.1 97.7 6,805,557 60,439 1.268.80 48.89 5,041,302 3.1 3.3 96.8 1.7 10.8 8.0 100.2 121.9 95.9 3,000,787 24,436 30.860.33 35.31 79,435 0.9 1.1 180.8 0.3 (23.6)8.6 187.2 197.9 42.2 127,143 40,263 33.784.62 49.44 119,512 5.4 6.6 201.0 1.5 (76.9)65.3 187.8 52.0 36.2 29,661 371 0.143.48 11.82 406,800 0.3 0.3 0.0 0.0 1.4 0.0 0.0 252.6 0.0 354,696 5,765 2.871.71 27.16 203,105 4.5 6.0 91.7 2.1 16.4 65.0 95.3 102.2 51.7 49,670 191 0.0(75.85)(87.97)389,502 1.5 2.2 (99.9)0.0 25.6 67.2 (99.9)93.2 0.0 204,756 184 0.7999.99 999.99 27,126 2.9 3.5 104.3 1.2 (5.9)37.4 105.8 114.8 84.9 23,603 17,676 13.871.37 43.36 127,820 3.3 3.4 105.0 1.4 17.4 9.1 109.6 135.3 99.6 149,483 Next >